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For over six decades, Arthur D. Cashin Jr. was more than just a trader on the floor of the New York Stock Exchange (NYSE). He was its historian, its storyteller, and its guiding light. From his early days in finance to his tenure as Director of Floor Operations for UBS, Cashin shaped the culture of Wall Street in ways that will long outlast his presence. His passing on December 1, 2024, marked the end of an era for the NYSE, but his legacy remains deeply embedded in its traditions, its people, and its very foundation.
“Art Cashin was not just a fixture on the NYSE trading floor and one of the most revered minds on Wall Street,” said Pete Asch, host of Inside the ICE House. “But in many ways, he embodied the heartbeat of the markets.”
Art Cashin’s journey in finance began in 1959 at Thompson McKinnon. By the age of 23, he had already become a partner at P.R. Herzog & Co., a remarkable feat that underscored his deep understanding of market dynamics. In 1964, he purchased a seat on the NYSE, signing the Exchange Constitution as one of its youngest members. At the time, the NYSE listed 1,247 companies, with a total market capitalization of $474 billion, and the Dow Jones Industrial Average was still struggling to break 1,000.
As Cashin’s career evolved, so did the stock market. By the time of his passing, the NYSE stock list had doubled, the market cap had increased by a factor of 75, and the Dow was soaring above 40,000. Through booms and busts, through moments of euphoria and crises of confidence, Cashin remained the Exchange’s steady hand.
“He was a historian of the market,” said Jay Woods, Chief Global Strategist of Freedom Capital Markets. “He could tell stories about the Great Depression, the Dot Com bubble, and the financial crisis, putting things into perspective in a way that no one else could.”
Despite the evolution of market structures, technology, and financial instruments, Art Cashin remained the constant presence that NYSE traders, investors, and media figures relied upon.
“When something was going wrong—when there was a little panic—he was the calm in the storm, that beacon of light,” Woods reflected.
For traders on the floor, Cashin was more than just a market commentator. His famed Cashin’s Comments newsletter, distributed each morning, provided an unparalleled mix of market analysis, history, and wit.
“His morning newsletter was must-read material,” Woods continued. “He took complex market terms and made them relatable.”
Bob Pisani, Senior Markets Correspondent for CNBC, echoed this sentiment. “He was not an academic, but he was one of the great students of the stock market. He used stories to illustrate market lessons, making them accessible to everyone.”
Beyond the numbers and the headlines, Cashin was a mentor and a friend to many. He led by example, supporting colleagues through difficult times and fostering a sense of camaraderie that defined the NYSE trading floor.
Jim Rutledge, a member of the NYSE Board of Directors, recalled Cashin’s unparalleled generosity. “Whenever somebody was ill, they came to Arthur. He knew a doctor somewhere in New York City for whatever was wrong. If he didn’t, he knew someone who did.”
His influence extended beyond the Exchange, as he spearheaded philanthropic efforts, coordinated events, and even ensured that Wall Street’s traditions—such as the annual Christmas Eve singing of Wait Till the Sun Shines, Nellie—remained intact.
“To see his sons come back and honor him during the holidays was unbelievable,” Woods said. “He was a legacy to this building.”
While Cashin had a deep understanding of market trends and economics, his lifestyle remained refreshingly old-fashioned. He never used a credit card, opting instead for a cash-filled wallet. He dictated his daily newsletter rather than typing it. He preferred a battered flip phone over a modern smartphone.
And, of course, he enjoyed a drink.
“Going out for an evening with Art Cashin was like stepping into Mad Men in 1962,” Pisani reminisced. “He drank Dewar’s, slowly but steadily, often pairing it with what he called ‘Irish caviar’—pigs in a blanket.”
Despite his traditional habits, Cashin was remarkably forward-thinking in his market insights. He understood how technology was reshaping the financial landscape, yet never lost sight of the fundamentals of human behavior in trading.
Though the NYSE will continue to evolve, the spirit of Art Cashin will remain woven into its fabric. His mentorship, wisdom, and storytelling ability left an imprint on generations of traders, analysts, and journalists.
“We never did sit down to record that podcast,” Asch admitted, reflecting on his long-time goal of interviewing Cashin. “Because that would have made the story about him, not the markets or the Exchange.”
In the end, that was exactly what made Art Cashin such a revered figure on Wall Street. He was a man who understood that the stock market is not just about numbers and trends, but about the people behind them—their hopes, their fears, and their stories.
So, as the NYSE community raises a glass in his honor, it seems only fitting to echo the words of his dear friend Jay Woods: “Here’s a toast to Mr. Cashin. Let’s marinate some ice cubes and just tell stories.”
